I have a borrower inquiring about a reverse mortgage, but she has added two of her adult children on title to the property with her. I’m assuming the children would need to come off title for her to do a reverse mortgage. If so, is there at time frame that they must be off before she can proceed with a reverse mortgage?
There is no time limitation prior to loan app – just before loan app. If they are on title after loan app and plan to come off before closing then they too must be counseled.